A fossil fuel that is mined underground is natural gas. It is denser than oil, making storing and transporting easier. Proved reserves are the volumes that geological and engineering data analysis show can be recovered under existing economic conditions. They can increase yearly as new wells are drilled, and technology improves.
It is a Renewable Resource
Natural gas is a fossil fuel, but unlike oil and coal, it has been used less heavily, so there is a larger supply. However, it is still a limited resource, and over time, it will deplete. That’s why it is essential to find ways to increase renewable energy sources in the future.
The good news is that many different natural gas reserves are available worldwide. There are enough gas reserves in the United States to last us for the rest of this century. And thanks to advances in technology, it is now easier than ever for us to harvest these resources.
Most natural gas reserves are located in porous rock formations, which are easy to extract using conventional drilling methods. But some gas is found in more difficult-to-reach geological settings, such as shale rock or tight rock formations. These types of reserves are often called unconventional, but new technologies are being developed to make it more accessible and cost-effective to extract them.
It is Cheaper than Other Fuels
Natural gas is a fossil fuel, but unlike coal and oil, its reserves are not being depleted quickly. It is also cleaner and cheaper than other energy sources, especially compared to electricity. This makes it an appealing alternative for organizations and households, but what are its advantages?
Natural Gas is formed when the thermogenic methane deep beneath Earth’s surface rises to the atmosphere and dissipates. However, some of it encounters impermeable rock formations and is trapped underground, where a hole (known as a well) must be drilled to allow the gas to escape. These reservoirs of natural gas are called sedimentary basins. The most significant deposits are found in Middle East countries, and Russia, but several other sites contain a substantial amount of natural gas. It is a much safer alternative than storing or transporting coal and oil. There are several advantages to employing this sort of energy, including that it is less volatile and can be held above ground in a storage tank, minimizing the possibility of soil contamination, leaks, and unexpected clean-up costs.
It is Environmentally Friendly
Natural gas is often viewed as an environmentally friendly fossil fuel. It produces fewer air pollutants and greenhouse gases than coal or oil when burned to produce electricity. It also has lower carbon dioxide emissions per unit of energy than coal or petroleum products when used as a vehicle fuel.
Its low carbon content and high energy output make it an attractive bridging fuel to help reduce the world’s dependence on coal and oil. Moreover, it is a highly explosive gas that has caused numerous pipeline explosions. Therefore, if this fossil fuel is to remain a significant energy source in the modern world, it must be harvested responsibly and used as efficiently as possible.
It is the Fuel of the Future
Natural gas is a great bridge fuel for transitioning away from fossil fuels such as coal and oil. It offers clean, reliable energy at a lower cost and is already a significant source of electricity worldwide. It is also one of the fastest-growing primary fuel sources and can help cut emissions contributing to climate change.
It is easy to get, as extensive pipeline networks connect production and consumption centers. In areas where pipelines cannot be built, they can be liquefied and shipped to consumers in unique vessels. It is also a versatile fuel for power generation as it can be injected directly into engines to create renewable energy.
In addition to conventional natural gas, unconventional natural gas reserves can be extracted using hydraulic fracturing (fracking) and horizontal drilling. Using these techniques allows natural gas to be produced from “tight” rock formations that previously had been impossible to access.
Another potential energy source is biogas, created when organic material such as animal waste and sewage decomposes without oxygen. Combining it with carbon dioxide in an engine can transform it into electricity and heat. It can also be used in place of traditional petroleum-based gasoline. This can improve air quality and reduce dependence on foreign oil.
Cost-Effectiveness
Natural gas is less expensive than other fossil fuels, particularly coal. Natural gas has been hailed as the link between the past of fossil fuels and the low-carbon future, but it also works well as a backup for renewable energy sources. It is a flexible fuel that may be released in brief bursts to account for wind and solar energy production variations. It is the fuel of choice for peaking combustion turbines, which can increase or decrease electricity production within an hour. There are two types of natural gas reserves: nonassociated and associated. Associated natural gas is produced in crude oil reservoirs and comprises up to 80 percent of the world’s proven natural gas reserves. Nonassociated gas is found in the remaining 20 percent of the world’s known natural gas reserves, mainly in conventional gas fields and unconventional resources such as shale gas deposits.
The United States holds the largest proven shale gas reserves. The world’s newest potential energy source, methane hydrates, is in Earth’s permafrost and ocean sediment layers. While these icy formations contain great potential energy, extracting them requires extreme caution due to their fragile nature.
The shale gas discoveries in Texas and New Mexico have led operators to record the most significant net increases in proven shale gas reserves in 2021. Other state-level notables held the second-largest shale gas reserves. To reduce the sensitivity of proved reserves to price volatility, operators use an index to estimate first-day-of-the-month prices for each state subdivision in this report.
